Depending on how the wealth tax is structured the "wealth" is most likely aready taxed, so there is no reason to tax it again. People have worked hard for their already taxed money.

We have wealth tax in Norway and I think that's cool.

I don't see why every country should have it though.

I think it's nice that different countries have different rules.

I don't see any point in having every country be exactly like every other.

I wouldn't want it. Even if all countries implemented it, the first country that cancels it gets an advantage in attracting wealth.

It's also inefficient, punishes good behaviours (saving and investing), requires the state knowing what everybody owns.

If I was designing a tax system, I would try to tax directly where it is used. Car owners and drivers should fund roads, cyclists should fund bike trails, students should fund universities, insured people should fund healthcare, people living in towns should fund their waste removal, firemen, sidewalks, etc.

This would create self-optimising loops where people would spend based on how much they really want something. More drivers paying for roads = more roads; more cyclists paying for bike trails and bike lines = more bike infrastructure.

You would be happy to see those evil wealthy people taxed, would you? Believe me, only until you are considered evil wealthy person (doesn't matter how much you are making now you will be considered evil wealthy person by those who make less).

Socialism, and by extension communism, are cancers.

People have cheated on taxes from the beginning. The wealthier you are, the better equipped you are with “estate planning.”

The wealthy would often donate the bulk of their wealth to the foundation which they had sole control over. This foundation would give “jobs” to their children and also provide loans for the owners. Another perk of the foundation is that interested people could also “donate” to the foundation.

https://jacobin.com/2022/07/private-charity-wealth-inequalit...

allows them to dip into the foundation’s “charitable” funds to take out loans or be compensated to the tune of potentially hundreds of thousands of dollars

TLDR If you implement a wealth tax, you will find rich people donating all their money to their private foundation.

I like the idea of this magical tax. There's a lot of unearned wealth that was stolen, illegal, through wars or various forms of corruption. Unfortunately, these taxes won't work on them. If they were obtained illegally or unethically, they can be hidden in the same way.

For the most part, these kinds of taxes hurt the people who are being honest and declaring their wealth. Some billionaires are bad, some are good, and these will almost exclusively target the good ones.

So in practice, no, unless the magic button fixes the loopholes that come with it.

Why do you want it?